The technological developments required to reduce the electrical power system component weights from the state-of-the-art 2.0 kg/kW to the range of 0.1 to 0.2 kg/kW are discussed. Power level requirements and their trends in aerospace applications are identified and presented. The projected weight and launch costs for a 1MW power converter built using state-of-the-art technology are established to illustrate the need for reliable, ultralightweight advanced power components. The key factors affecting converter weight are given and some of the tradeoffs between component ratings and circuit topology are identified. The weight and launch costs for a 1MW converter using 0.1 kg/kW technology are presented. Finally, the objectives and goals of the Multi-Megawatt Program at the NASA Lewis Research Center, which is funded by the SDIO through the Air Force, are given.